REC inks pact to bankroll infra projects worth Rs 20,000 crore a year in Rajasthan

New Delhi, March 11: REC Limited, a Maharatna CPSE under the Ministry of Power, has signed an MoU with the Rajasthan government to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 20,000 crore per annum for a period of six years, extending up to 2030, according to a company statement issued on Monday.

REC chairman and MD Vivek Kumar Dewangan said, “Under this agreement, REC Limited will provide loans of upto Rs 20,000 crores annually for the next six years to various departments, undertakings, institutions and schemes of the Rajasthan government.”

With this MoU, there will be a rapid increase in projects related to the state's infrastructure sector like power projects, metro, roads & highways, airports, IT infra, oil refinery, steel infra, ports and waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects, he added.

This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity, according to the company statement. he added.

The MoU was signed in Jaipur at a ceremony in the presence of the Rajasthan Chief Minister Bhajan Lal Sharma.

MoUs worth Rs 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Rajasthan government.

These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

Union Minister of Power and New & Renewable Energy R. K. Singh and Minister of Coal Prahlad Joshi addressed the ceremony via virtual conference.